Refinance Mortgage

Refinancing a mortgage is when a homeowner takes out a new mortgage to pay off an existing mortgage.

Homeowners refinance their mortgages for a variety of reasons; to secure more favorable terms like a lower interest rate, or to cash out equity for improving their property, consolidating debt, or paying for big ticket items like a college education or medical procedure. Homeowners should consider refinancing if their financial situation or credit profile is changing.

New Home Loan

A new home mortgage is the first loan the buyer takes out to pay for a new property, not just the mortgage a first-time home buyer takes out. For first-time buyers, getting a loan can be challenging, so being well-informed when seeking a new home mortgage is the best borrowing strategy. Mortgages come in either fixed- or adjustable-rate kinds, and generally last for a term of 15 or 30 years. Unless the buyer makes a 20% down payment on your property, many lenders will require mortgage insurance.

Home Equity Loan

A home equity loan allows a homeowner to borrow money using their property as security. In determining the amount of the loan, lenders will evaluate the equity--the difference between the appraised value of the home and what the borrower still owes on it--along with the homeowner's credit rating and history of mortgage payments.

Home equity loans are a popular way to borrow money to pay outstanding credit card or health care debts, to finance a child's education, or undertake large home-improvement projects.

Request competing quotes in less than 5 minutes!

Getting the best possible deal on your mortgage is important and we want to help. At GuidetoLenders.com will make the process quicker, easier, and stress free for you. Getting free quotes takes less than 5 minutes: First, fill out our short form by answering a few simple questions. Click to submit the form. Let lenders compete to provide you with the best mortgage interest rates. Instantly see a list of mortgage lenders in your area that will be offering you free loan quotes.

No!

We've served over $16 billion in loan requests since then, and are proud to be a valuable, free resource for current and aspiring home owners. On our website, you can receive up to four quotes at a time instead of just one - enabling you to shop around and save more.

Multiple Quotes = Bigger Savings

According to a 2012 study* performed for the Department of Housing and Urban Development, comparing multiple quotes can save you big. The study found that someone borrowing $200,000 saves thousands simply by considering 4 mortgage quotes.

No!

We are not a lender or a broker, we are a free service that gives you access to competitive loan quotes from a network of over 150 lenders simply by completing a single online form.

Shop around for the best interest rates

Our online form makes it easy to and choose the best mortgage interest rate from a variety of lenders that serve your area. You'll need to provide some basic information about your mortgage needs and about you. Examples include, the property location, the approximate property value or purchase price, the type of home (e.g. single family), the approximate existing mortgage balance (if refinancing), and cash-out amount desired (if refinancing), self assessed credit history (excellent, good, fair, poor).

A mortgage with an interest rate that changes periodically, according to an "index", such as Treasury Bills. Monthly payments can go up or down when the interest rate is adjusted.

A loose term which generally refers to a fixed-rate conforming loan other than an FHA or VA loan.

A mortgage insured by the Federal Housing Administration. Typically, FHA mortgages require somewhat lower down payments and less stringent qualification requirements. The borrower pays a relatively high mortgage insurance premium which can be paid monthly or added to the total loan amount.

A mortgage with an interest rate that remains constant for the life of the loan. The interest rate is set when the loan is made and never changes. Also see Balloon Mortgage.

A mortgage which does not conform to credit or other standards, or to the maximum loan limits set by Fannie Mae and Freddie Mac. See Jumbo Loan.

Multiple quotes means bigger savings

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New to Mortgage Refinancing?

How do you know if you are a good candidate for a

home refinance

? You might assume that the only reason to refinance is to reduce your monthly mortgage payment. Though that's a compelling reason, there are actually many possible reasons for refinancing. With a refinance, you can: Lower your interest rate to reduce your monthly payments. Read more…

Virginia Mortgage Loan Limits

The loan limits in Virginia's 134 counties vary from county and loan type. For Virginia, 78 counties have a conventional loan limit at $417,000, 5 counties at $437,000, 1 county at $442,750, 15 counties at $458,850, 20 counties at $539,900 and 15 counties at $625,500. See VA loan limits by county. Read more…

Basic Tips For Your House Loan

A

new home mortgage

is the first loan the buyer takes out to pay for a new property, not just the mortgage a first-time home buyer takes out. For

first-time buyers

, getting a loan can be challenging, so being well-informed when seeking a new home mortgage is the best borrowing strategy. Read more…

What to Ask Mortgage Lenders

Although many borrowers look at

interest rates

first when shopping for a

new home loan

, this may not be the best tactic. In fact, there are several key components that determine the cost of a mortgage and how well it suits your lifestyle. Below are ten questions that will help you determine if a loan is the most appropriate available for you and your family. Read more…

Finding the Best Home
Mortgage Rates

According to a 2012 study* by the Department of Housing and Urban Development, comparing multiple quotes can save you big. The study found that someone borrowing $200,000 saves thousands simply by considering 4 mortgage quotes. That's why it's important to understand how to become a "savvy shopper" and find the best mortgage rates. Read more…

Multiple quotes means bigger savings

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Request free quotes in less than 5 minutes:

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Fill out our simple online form

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Compare quotes from licensed mortgage lenders

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Choose the best offer

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* The 3.125% example loan rate for a $200,000 5-year Adjustable-Rate Mortgage (ARM) for purchase and refinance loans amortized over 30 years has a monthly payment of $857 plus monthly taxes and insurance with 2 points ($4,000) and fees due at closing. The Annual Percentage Rate (APR) is 3.092%. * The 3.125% example loan rate for a $300,000 5-year Adjustable-Rate Mortgage (ARM) for purchase and refinance loans amortized over 30 years has a monthly payment of $1,285 plus monthly taxes and insurance with 2 points ($4,022) and fees due at closing. The Annual Percentage Rate (APR) is 3.067%. * The 3.125% example loan rate for a $400,000 5-year Adjustable-Rate Mortgage (ARM) for purchase and refinance loans amortized over 30 years has a monthly payment of $1,714 plus monthly taxes and insurance with 2 points ($4,555) and fees due at closing. The Annual Percentage Rate (APR) is 3.054%....Read More

* The 3.125% example loan rate for a $200,000 5-year Adjustable-Rate Mortgage (ARM) for purchase and refinance loans amortized over 30 years has a monthly payment of $857 plus monthly taxes and insurance with 2 points ($4,000) and fees due at closing. The Annual Percentage Rate (APR) is 3.092%.
* The 3.125% example loan rate for a $300,000 5-year Adjustable-Rate Mortgage (ARM) for purchase and refinance loans amortized over 30 years has a monthly payment of $1,285 plus monthly taxes and insurance with 2 points ($4,022) and fees due at closing. The Annual Percentage Rate (APR) is 3.067%.
* The 3.125% example loan rate for a $400,000 5-year Adjustable-Rate Mortgage (ARM) for purchase and refinance loans amortized over 30 years has a monthly payment of $1,714 plus monthly taxes and insurance with 2 points ($4,555) and fees due at closing. The Annual Percentage Rate (APR) is 3.054%.

Example loan rates are generally based on the following criteria: a borrower with good to excellent credit and average income seeking a loan for a single family, owner occupied one unit dwelling with 30% down payment (or 70% loan to value ratio). Rates and APR and other terms may vary from those displayed based on the creditworthiness of the borrower requesting the funding, the type of dwelling, whether the borrower is self-employed, the location of the property for the loan and other factors. The rates and terms you are offered are the responsibility of the mortgage lender and will vary based upon your home loan request as determined by the lenders with whom you are matched. There is a possibility that you may not be matched with the lender making the example offers. Not available in all states. Advertised new home loan and refinance rates are subject to change. These example mortgage rates were last updated on February 23, 2015 and include 2 points for the rate calculator. Important Facts about Adjustable Rate Mortgage Loans. Whether you are buying a house or refinancing your mortgage, this information can help you decide if an ARM is right for you. ARMs can be complicated. If you do not understand how they work, you should not sign any loan contracts, and you might want to consider other loans. With an ARM, the interest rate on your loan is not fixed. Instead, it changes over time according to a formula - typically, a base interest rate (index) plus a certain percent (margin) (for example, Libor plus 3 percent). So, if the base interest rate increases, your interest rate and monthly payments will also increase. Please see the lenders' websites for the specific disclosures related to loans offered by our lenders. This is not an advertisement for credit as defined by paragraph 226.24 of regulation Z.